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Sangamon Sun

Wednesday, November 13, 2024

Former state school employee Bozeman paid in $122K to teachers' pension fund, could collect $2.34M in retirement

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Former state school employee Elizabeth Bozeman, who retired in May 2018, saved $122,493 toward a pension over 27 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Bozeman would collect as much as $2.34 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Bozeman received $49,133 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Bozeman will have already received $151,865 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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